Intrinsic value of CoreSite Realty - COR

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$92.81

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$92.81

 
Intrinsic value

$26.18

 
Up/down potential

-72%

 
Rating

str. sell

 
Value-price divergence* premium content

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Our model is not good at valuating stocks of financial companies, such as COR.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of COR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.12
  22.00
  20.30
  18.77
  17.39
  16.15
  15.04
  14.03
  13.13
  12.32
  11.59
  10.93
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
Revenue, $m
  400
  488
  587
  697
  819
  951
  1,094
  1,247
  1,411
  1,585
  1,768
  1,962
  2,164
  2,377
  2,598
  2,829
  3,069
  3,320
  3,580
  3,850
  4,131
  4,423
  4,726
  5,042
  5,370
  5,711
  6,066
  6,436
  6,822
  7,224
  7,643
Variable operating expenses, $m
 
  269
  323
  383
  448
  520
  598
  681
  770
  864
  964
  1,065
  1,175
  1,290
  1,410
  1,535
  1,666
  1,802
  1,943
  2,090
  2,242
  2,401
  2,565
  2,736
  2,914
  3,100
  3,293
  3,493
  3,703
  3,921
  4,148
Fixed operating expenses, $m
 
  89
  91
  94
  96
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
  129
  132
  136
  139
  143
  146
  150
  154
  157
  161
  165
  169
  174
  178
  182
Total operating expenses, $m
  306
  358
  414
  477
  544
  618
  699
  784
  876
  973
  1,075
  1,179
  1,292
  1,410
  1,533
  1,661
  1,795
  1,934
  2,079
  2,229
  2,385
  2,547
  2,715
  2,890
  3,071
  3,261
  3,458
  3,662
  3,877
  4,099
  4,330
Operating income, $m
  95
  130
  173
  221
  274
  332
  395
  463
  535
  612
  693
  783
  873
  967
  1,065
  1,168
  1,274
  1,386
  1,501
  1,621
  1,746
  1,876
  2,011
  2,152
  2,298
  2,450
  2,609
  2,774
  2,946
  3,125
  3,312
EBITDA, $m
  204
  261
  330
  407
  492
  585
  685
  793
  908
  1,030
  1,159
  1,295
  1,438
  1,587
  1,743
  1,906
  2,076
  2,252
  2,436
  2,627
  2,825
  3,031
  3,246
  3,468
  3,700
  3,941
  4,193
  4,454
  4,727
  5,011
  5,308
Interest expense (income), $m
  12
  24
  32
  41
  51
  61
  73
  86
  99
  114
  130
  146
  163
  181
  200
  220
  240
  261
  284
  307
  331
  356
  382
  409
  437
  466
  496
  528
  561
  595
  631
Earnings before tax, $m
  82
  106
  141
  180
  224
  271
  322
  377
  436
  498
  564
  637
  710
  786
  865
  948
  1,034
  1,124
  1,217
  1,315
  1,415
  1,520
  1,630
  1,743
  1,861
  1,984
  2,112
  2,246
  2,385
  2,530
  2,681
Tax expense, $m
  0
  29
  38
  49
  60
  73
  87
  102
  118
  134
  152
  172
  192
  212
  234
  256
  279
  303
  329
  355
  382
  411
  440
  471
  503
  536
  570
  606
  644
  683
  724
Net income, $m
  59
  77
  103
  132
  163
  198
  235
  275
  318
  363
  411
  465
  518
  574
  632
  692
  755
  821
  889
  960
  1,033
  1,110
  1,190
  1,272
  1,359
  1,448
  1,542
  1,639
  1,741
  1,847
  1,957

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,451
  1,768
  2,127
  2,526
  2,966
  3,445
  3,963
  4,519
  5,112
  5,742
  6,407
  7,108
  7,842
  8,611
  9,413
  10,250
  11,121
  12,028
  12,970
  13,950
  14,967
  16,025
  17,124
  18,267
  19,456
  20,693
  21,980
  23,320
  24,717
  26,172
  27,691
Adjusted assets (=assets-cash), $m
  1,447
  1,768
  2,127
  2,526
  2,966
  3,445
  3,963
  4,519
  5,112
  5,742
  6,407
  7,108
  7,842
  8,611
  9,413
  10,250
  11,121
  12,028
  12,970
  13,950
  14,967
  16,025
  17,124
  18,267
  19,456
  20,693
  21,980
  23,320
  24,717
  26,172
  27,691
Revenue / Adjusted assets
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
Average production assets, $m
  1,024
  1,249
  1,502
  1,784
  2,095
  2,433
  2,799
  3,192
  3,611
  4,056
  4,525
  5,020
  5,539
  6,082
  6,648
  7,239
  7,855
  8,495
  9,161
  9,852
  10,571
  11,318
  12,095
  12,902
  13,741
  14,615
  15,524
  16,471
  17,457
  18,485
  19,557
Working capital, $m
  0
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -36
  -39
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -64
  -68
  -72
  -76
Total debt, $m
  690
  914
  1,166
  1,446
  1,754
  2,090
  2,453
  2,843
  3,259
  3,700
  4,167
  4,657
  5,172
  5,711
  6,274
  6,860
  7,471
  8,106
  8,767
  9,454
  10,167
  10,909
  11,679
  12,480
  13,314
  14,180
  15,083
  16,022
  17,001
  18,022
  19,086
Total liabilities, $m
  1,016
  1,239
  1,491
  1,771
  2,079
  2,415
  2,778
  3,168
  3,584
  4,025
  4,492
  4,982
  5,497
  6,036
  6,599
  7,185
  7,796
  8,431
  9,092
  9,779
  10,492
  11,234
  12,004
  12,805
  13,639
  14,505
  15,408
  16,347
  17,326
  18,347
  19,411
Total equity, $m
  436
  529
  636
  755
  887
  1,030
  1,185
  1,351
  1,529
  1,717
  1,916
  2,125
  2,345
  2,575
  2,815
  3,065
  3,325
  3,596
  3,878
  4,171
  4,475
  4,792
  5,120
  5,462
  5,817
  6,187
  6,572
  6,973
  7,390
  7,826
  8,279
Total liabilities and equity, $m
  1,452
  1,768
  2,127
  2,526
  2,966
  3,445
  3,963
  4,519
  5,113
  5,742
  6,408
  7,107
  7,842
  8,611
  9,414
  10,250
  11,121
  12,027
  12,970
  13,950
  14,967
  16,026
  17,124
  18,267
  19,456
  20,692
  21,980
  23,320
  24,716
  26,173
  27,690
Debt-to-equity ratio
  1.583
  1.730
  1.830
  1.910
  1.980
  2.030
  2.070
  2.100
  2.130
  2.160
  2.170
  2.190
  2.210
  2.220
  2.230
  2.240
  2.250
  2.250
  2.260
  2.270
  2.270
  2.280
  2.280
  2.280
  2.290
  2.290
  2.300
  2.300
  2.300
  2.300
  2.310
Adjusted equity ratio
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  59
  77
  103
  132
  163
  198
  235
  275
  318
  363
  411
  465
  518
  574
  632
  692
  755
  821
  889
  960
  1,033
  1,110
  1,190
  1,272
  1,359
  1,448
  1,542
  1,639
  1,741
  1,847
  1,957
Depreciation, amort., depletion, $m
  109
  132
  157
  186
  218
  252
  290
  330
  373
  418
  466
  512
  565
  621
  678
  739
  802
  867
  935
  1,005
  1,079
  1,155
  1,234
  1,317
  1,402
  1,491
  1,584
  1,681
  1,781
  1,886
  1,996
Funds from operations, $m
  141
  209
  260
  318
  381
  450
  525
  605
  691
  781
  877
  977
  1,083
  1,194
  1,310
  1,431
  1,557
  1,687
  1,823
  1,965
  2,112
  2,265
  2,424
  2,589
  2,761
  2,940
  3,126
  3,320
  3,522
  3,733
  3,953
Change in working capital, $m
  -30
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  171
  400
  261
  319
  382
  451
  526
  606
  692
  783
  879
  979
  1,085
  1,196
  1,312
  1,433
  1,559
  1,690
  1,826
  1,968
  2,115
  2,268
  2,427
  2,592
  2,764
  2,943
  3,130
  3,324
  3,526
  3,737
  3,957
Maintenance CAPEX, $m
  0
  -104
  -127
  -153
  -182
  -214
  -248
  -286
  -326
  -368
  -414
  -462
  -512
  -565
  -621
  -678
  -739
  -802
  -867
  -935
  -1,005
  -1,079
  -1,155
  -1,234
  -1,317
  -1,402
  -1,491
  -1,584
  -1,681
  -1,781
  -1,886
New CAPEX, $m
  -299
  -225
  -254
  -282
  -310
  -338
  -366
  -393
  -419
  -445
  -470
  -495
  -519
  -543
  -567
  -591
  -615
  -640
  -666
  -692
  -719
  -747
  -776
  -807
  -839
  -873
  -909
  -947
  -986
  -1,028
  -1,072
Cash from investing activities, $m
  -364
  -329
  -381
  -435
  -492
  -552
  -614
  -679
  -745
  -813
  -884
  -957
  -1,031
  -1,108
  -1,188
  -1,269
  -1,354
  -1,442
  -1,533
  -1,627
  -1,724
  -1,826
  -1,931
  -2,041
  -2,156
  -2,275
  -2,400
  -2,531
  -2,667
  -2,809
  -2,958
Free cash flow, $m
  -193
  70
  -120
  -116
  -110
  -101
  -88
  -72
  -53
  -30
  -5
  23
  54
  88
  125
  164
  205
  248
  294
  341
  391
  442
  495
  551
  608
  668
  729
  793
  859
  928
  999
Issuance/(repayment) of debt, $m
  302
  224
  252
  280
  308
  336
  363
  390
  416
  441
  466
  491
  515
  539
  563
  587
  611
  635
  661
  687
  713
  741
  771
  801
  833
  867
  902
  940
  979
  1,020
  1,064
Issuance/(repurchase) of shares, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  300
  224
  252
  280
  308
  336
  363
  390
  416
  441
  466
  491
  515
  539
  563
  587
  611
  635
  661
  687
  713
  741
  771
  801
  833
  867
  902
  940
  979
  1,020
  1,064
Total cash flow (excl. dividends), $m
  107
  295
  132
  163
  198
  235
  275
  318
  363
  411
  462
  514
  569
  627
  687
  750
  816
  884
  954
  1,028
  1,104
  1,183
  1,266
  1,352
  1,441
  1,534
  1,631
  1,733
  1,838
  1,948
  2,063
Retained Cash Flow (-), $m
  -20
  -97
  -107
  -119
  -131
  -143
  -155
  -166
  -177
  -188
  -199
  -209
  -220
  -230
  -240
  -250
  -261
  -271
  -282
  -293
  -304
  -316
  -329
  -342
  -355
  -370
  -385
  -401
  -418
  -435
  -454
Prev. year cash balance distribution, $m
 
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  202
  25
  44
  66
  92
  120
  152
  186
  223
  263
  304
  350
  397
  447
  500
  555
  613
  672
  735
  800
  867
  937
  1,010
  1,086
  1,165
  1,247
  1,332
  1,420
  1,513
  1,609
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  187
  21
  34
  46
  57
  67
  74
  78
  81
  80
  78
  74
  68
  61
  54
  46
  38
  31
  25
  19
  15
  11
  8
  5
  4
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CoreSite Realty Corporation engages in the ownership, acquisition, construction, and management of data centers. The data centers are specialized and secure buildings that house networking, storage, and communications technology infrastructure, including servers, storage devices, switches, routers, and fiber optic transmission equipment. These buildings provide the power, cooling, and network connectivity to operate this mission-critical equipment. The company’s data centers are located in Los Angeles, the San Francisco Bay and northern Virginia areas, Chicago, Boston, New York City, and Miami. CoreSite Realty Corporation serves telecommunications carriers, content and media entertainment providers, cloud providers, enterprise customers, financial and educational institutions, and government agencies. As of December 31, 2011, its property portfolio included 12 operating data center facilities and 1 development site. The company is qualified as a real estate investment trust (REIT) under the Internal Revenue Code. As a REIT, it would not be subject to federal income taxes, if it distributes at least 90% of its REIT taxable income to its stockholders. The company was founded in 2010 and is headquartered in Denver, Colorado.

FINANCIAL RATIOS  of  CoreSite Realty (COR)

Valuation Ratios
P/E Ratio 53.3
Price to Sales 7.9
Price to Book 7.2
Price to Tangible Book
Price to Cash Flow 18.4
Price to Free Cash Flow -24.6
Growth Rates
Sales Growth Rate 20.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 130%
Cap. Spend. - 3 Yr. Gr. Rate 9.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 158.3%
Total Debt to Equity 158.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 6.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 13.8%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 69.8%
Gross Margin - 3 Yr. Avg. 69.7%
EBITDA Margin 50.8%
EBITDA Margin - 3 Yr. Avg. 48.2%
Operating Margin 23.5%
Oper. Margin - 3 Yr. Avg. 19.6%
Pre-Tax Margin 20.5%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 14.8%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 184.7%

COR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COR stock intrinsic value calculation we used $400 million for the last fiscal year's total revenue generated by CoreSite Realty. The default revenue input number comes from 2016 income statement of CoreSite Realty. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our COR stock valuation model: a) initial revenue growth rate of 22% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.1%, whose default value for COR is calculated based on our internal credit rating of CoreSite Realty, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CoreSite Realty.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of COR stock the variable cost ratio is equal to 55.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $87 million in the base year in the intrinsic value calculation for COR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for CoreSite Realty.

Corporate tax rate of 27% is the nominal tax rate for CoreSite Realty. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the COR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for COR are equal to 255.9%.

Life of production assets of 9.8 years is the average useful life of capital assets used in CoreSite Realty operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for COR is equal to -1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $436 million for CoreSite Realty - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 48.418 million for CoreSite Realty is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CoreSite Realty at the current share price and the inputted number of shares is $4.5 billion.


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COMPANY NEWS

▶ CoreSite Announces Tax Treatment of 2016 Distributions   [Jan-23-17 07:00AM  Business Wire]
▶ CoreSite to Speak at PTC 2017   [Jan-13-17 07:00AM  Business Wire]
▶ RBC Out With Top Data Center Dividend Picks for 2017   [Dec-20-16 09:50AM  at 24/7 Wall St.]
▶ Is CoreSite Realty Corp (COR) Going to Burn These Hedge Funds?   [Dec-02-16 08:52AM  at Insider Monkey]
Stock chart of COR Financial statements of COR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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